interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced … of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between …

inflation volatility to zero. (iii) The statistical Phillips Curve changes substantially with policy instruments and activist … inflation hence the aggregate price level appears sticky with respect to money shocks. (v) Discretion in monetary policy adds a … current effective policy is only mildly activist and aims mostly to target inflation. …

policy, including local approximations to the mean, persistence, and volatility of inflation. We present diverse sources of … uncertainty that impinge on the posterior predictive density for inflation, including model uncertainty, policy drift, structural … shifts and other shocks. We use a recently developed minimum entropy method to bring outside information to bear on inflation …

inflation volatility to zero. (iii) The statistical Phillips Curve changes substantially with policy instruments and activist … inflation hence the aggregate price level appears “sticky” with respect to money shocks. (v) Discretion in monetary policy adds … current effective policy is only mildly activist and aims mostly to target inflation. …

A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the … output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The …

is derived from policy-makers' preferences about inflation outcomes, we first show that downside risks to price stability … future inflation can provide insurance against the materialisation of such upside risks. …

target inflation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the … inflation target and produce a quantitatively significant deterioration of the performance of the economy with targets between 0 … and 1 percent. The variability of output increases significantly and that of inflation also rises somewhat. Also, we show …

We investigate co-movements and heterogeneity in inflation dynamics of different regions within and across euro area … countries using a novel disaggregate dataset to improve the understanding of inflation differentials in the European Monetary … Union. We employ a model where regional inflation dynamics are explained by common euro area and country specific factors as …